Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $20 each. 10 units @$ 6 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $12 cost 15 units @ $14 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Answer is complete but not entirely correct. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost # of Date # of Units Per Goods Purchased Units Cost Per Cost of Goods Sold # of Units Cost Per Inventory Balance Unit Sold Unit Unit December 7 10 at $ 6.00 |= $ 60.00 10 at $ 6.00 = $ 60.00 $ $ 20 at = 10 at $ 6.00 = $ 60.00 12.00 240.00 December 14 $ 20 at = 240.00 12.00 Total December $300.00 14 10 at $ 6.00 = $ 60.00 5 at $ 12.00 = $ 60.00 December 15 Total December $ 5 at = $ 60.00 12.00 15 $ $ 15 at 14.00 210.00 December 21 Totals $ 5 at = $ 60.00 12.00 $ 15 at = 210.00 14.00 $ 120.00 $270.00